GlassPoint Closes $26M Series B Funding

GlassPoint Closes $26M Series B Funding
Shell, RockPort Capital, Nth Power and Chrysalix Energy Venture Capital invest
in GlassPoint to drive large-scale solar EOR deployment
Business Wire
FREMONT, Calif. & MUSCAT, Oman -- December 11, 2012
GlassPoint Solar Inc., a leader in solar enhanced oil recovery (EOR), today
announced it has closed a US$26 million Series B financing round. The round
included participation from a new strategic investor, Royal Dutch Shell plc
group, one of the world’s largest oil companies, as well as leading energy
investors RockPort Capital, Nth Power and Chrysalix Energy Venture Capital, an
existing investor. The funding is a key next step to future large-scale
deployment of GlassPoint’s solar steam technology in EOR projects around the
world.
GlassPoint raised $26M from Royal Dutch Shell plc group and leading energy
investors for its solar e ...
GlassPoint raised $26M from Royal Dutch Shell plc group and leading energy
investors for its solar enhanced oil recovery (EOR) technology. (Photo:
Business Wire)
GlassPoint’s unique design encloses parabolic troughs inside a glasshouse
structure, which protects the system from high winds and seals the solar
collectors from dust, dirt, sand and humidity. The protected environment
enables the use of ultralight, low-cost reflective materials and automated
washing equipment, further reducing costs and water use. Furthermore,
GlassPoint steam generators are designed to use the same low-quality boiler
water as once-through steam generators, the industry’s current best practices,
eliminating the need for costly water pretreatment.
Thermal EOR is a proven technique to facilitate the recovery of heavy oil that
is too thick to pump to the surface using conventional means. High-pressure
steam is injected underground in order to raise the temperature of the oil and
change its consistency from that of molasses to that of water.Normally, the
steam is generated by burning very large amounts of natural gas, but in the
GlassPoint system, the steam is generated by concentrating sunlight onto pipes
that contain water.This approach to EOR may significantly reduce the amount
of natural gas used for EOR, which is an important consideration in regions of
the world where gas is a scarce and expensive commodity.The natural gas that
is saved and not burned for EOR applications can be used for higher value
applications such as power generation, desalination, industrial development
and exported as LNG.
“We are delighted that Shell and some of Silicon Valley’s most prominent
energy investors chose to participate in this round of funding,” said Rod
MacGregor, CEO of GlassPoint. “We believe this investment validates our
business and technical approach of creating solar solutions specifically for
the oil and gas industry.”
Geert van de Wouw, Fund Manager, Shell Technology Ventures, said: “Our
decision to invest in GlassPoint is further underpinned by the extensive
definition and assessment work undertaken by Petroleum Development Oman (PDO),
a joint venture between the Government of Oman, Royal Dutch Shell, Total and
Partex, with a 7 MW solar project field trial currently in construction in the
Sultanate of Oman. The collaboration with GlassPoint and PDO represents an
exciting opportunity to leverage an innovative technology which aims to use
the full potential of solar power in the oil and gas industry. We are looking
forward to the outcome of the solar trial which, if successful, can help to
optimize oil recovery and avoid the use of valuable natural gas in Thermal EOR
projects. The promise of the GlassPoint system is that it is expected to lower
both the economic cost of producing oil whilst at the same time reducing our
footprint.”
“At GlassPoint we believe in creating in-country value wherever we do
business,” said Rod MacGregor, CEO of GlassPoint. “To support our projects we
aim to create local factories generating employment and demand for local goods
and services like steel and aluminum.”
Last year, GlassPoint unveiled the world's first commercial solar EOR project
at a 100-year old oil field operated by Berry Petroleum in McKittrick,
California. The company is currently constructing a 7 MW field trial project
in Southern Oman together with PDO.
About GlassPoint Solar
GlassPoint is the leading provider of solar steam generators to the oil and
gas industry.When used for Enhanced Oil Recovery (EOR), GlassPoint solar
steam generators reduce natural gas consumption by up to 80%,redirectinggas
resources to higher value applications such as electricity generation and
export. GlassPoint's solar EOR solution delivers steam at costs competitive
with gas-fired steam generation, enabling producers toeconomicallyrecover
more oil. GlassPoint drives lower costsby enclosing
lightweightcomponentswithin a glasshouse to seal the system from sand, dust,
dirt and high humidity typical of oilfield environments throughout the world.
The company is headquartered inFremont, Californiawith offices
inBakersfield, California, Muscat, Oman and Shenzhen, China. For more
information, visit glasspoint.com.
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Contact:
Antenna Group for GlassPoint
Katie Struble, 415-977-1928
glasspoint@antennagroup.com